The Dental Practice
The Case
The client, a dentist, was newly qualified and had been trading in his own right,
profitably for 2 years. He was given an opportunity to acquire a larger practice
from a retiring dentist. The purchase price was £1.3m - £1m for the property and
£0.3m for fixtures, fittings and goodwill. He needed
the maximum loan to value available.
The Solution
A mortgage for £1.3m was offered - the full purchase price and 130% LTV, and
the lender was prepared to refund the valuation and lender legal fees on drawdown.
The rate was agreed at 2.25% above bank base rate.
Introducer Commission
Commission payable to the introducer was £6500.